Waters Corporation (WAT) Earnings Call Transcripts

Waters Corporation's Latest Earnings Call - Q2 FY2026

In the second quarter of 2026, Waters Corporation reported total revenue of $1.645 billion, exceeding expectations and reflecting a 7% organic growth rate. Adjusted EPS grew 3% to $3.05, landing at the high end of guidance. Management raised full-year revenue guidance, now expecting organic constant currency growth of 7% to 9%, driven by strong performance across all divisions and successful integration of acquired businesses from Becton, Dickinson and Company.

Reported metrics

Guidance from management

Management raised full-year 2026 organic constant currency revenue growth guidance to 7% to 9%, with total reported revenue expected to be approximately $6.415 billion to $6.476 billion. Adjusted EPS is now expected to be $14.45 to $14.65, reflecting 10% to 12% growth year-over-year.

What management said

Yes. So Q2, EV, we did 0.9% versus the traditional 0.5. 0.5 was embedded in our guide last time. So we are increasing to 0.9 for the remainder of the year. The goal and aspiration is still to get as quickly as possible to 150 basis points. .

Yes. I mean just to build on that EV for 1 second, you will also remember we talked about the reagent rental compliance. We have 700 accounts in the U.S. that we've profiled segmented. We've hired an expert from outside who is actually used to renegotiating these contracts and getting benefit for the company. So we expect that to help not just improve pricing, but also accelerate the uptake of our new products in tho...

What analysts pressed on

Analysts expressed concerns regarding the ongoing challenges in China, particularly in the Biosciences division, where DRG headwinds have negatively impacted growth. Additionally, there were questions about the sustainability of the growth trajectory in the acquired businesses amidst a strong U.S. dollar and potential deceleration in growth rates in the upcoming quarters.

Main topics on the call

• Strong Revenue Performance — Waters delivered total revenue of $1.645 billion, with organic revenue growth of 7% as reported and 9% in constant currency. Management noted, "orders again outpacing sales," indicating robust demand across all divisions...
• Acquired Business Integration — The newly acquired Biosciences and Diagnostic Solutions achieved $870 million in revenue, growing 4% on a reported basis. Management stated, "We achieved a 400 basis point improvement in reported growth versus last quart...
• Guidance Raised — Management raised full-year 2026 guidance for organic constant currency revenue growth to 7% to 9%, up from previous estimates. This reflects a strong momentum in the business, with management stating, "We are well on tr...
• Cost Management Initiatives — Waters implemented cost actions expected to yield $75 million in savings for 2026, contributing to margin progression. Management emphasized that these actions "sharpen the structure of acquired businesses, reduce bureau...

Read the full Waters Corporation transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 60 Waters Corporation earnings call transcripts on record, spanning January 13, 2020 to August 4, 2026. Based on this history, Waters Corporation reports quarterly. The most recent call on file is dated August 4, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

WAT

Exchange

NYSE

Country

US

Sector

Health Care

Industry

Life Sciences Tools and Services

Calls on record

60

First call

January 13, 2020

Most recent

August 4, 2026

Reporting cadence

quarterly